CPAs Serving the Cannabis Industry

 

Gov. Phil Murphy's support of legalizing cannabis has prompted CPAs and other professionals to begin figuring out the ground rules of a potential multibillion-dollar industry. Join the NJCPA's new Cannabis Interest Group to gain information, insights and best practices as we wait for the legislative and regulatory process to play out in Trenton.

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Events

November 21, 2019
New Businesses – Advising Clients on Related Tax Issues and Accounting, Auditing and Tax Considerations for the Cannabis Industry
Mount Laurel

NJCPA Urges NJ Legislature to Make Tax Code Change if Cannabis is Legalized in New Jersey

Posted: February 13, 2019
If adult-use cannabis is legalized in New Jersey, it is crucial that the state decouples from the federal law governing cannabis — Internal Revenue Code 280(E) — to have a viable cannabis industry.

Nearly 50 Percent of New Jersey CPAs Say Legalizing Adult-Use Marijuana Would Help the Economy

Posted: January 23, 2019
In a survey conducted earlier this month, 48 percent of the 1,063 NJCPA members who responded said legalizing adult-use marijuana in New Jersey would help the economy, compared to 22 percent who said it would have no impact and 20 percent who said it would hurt the economy.

Cannabis Industry Tax Issues Just Got Real

Posted: October 10, 2018
A dispensary owner becomes the first person sentenced for marijuana-related tax crimes.

Statement from the NJCPA About New Jersey’s Cannabis Industry

Posted: June 6, 2018
New Jersey’s expansion of the medical cannabis program and the potential for legalization of recreational use on the horizon brings an increased demand for professional services by certified public accountants. The NJCPA and New Jersey CPAs stand ready to be a resource.

Managing the Risks of Serving Cannabis Clients

Posted: May 16, 2018
As part of your process in assessing “risks,” never forget that your professional acts and decisions will be judged in hindsight. Therefore, if your firm decides to service cannabis clients (or any other higher-risk clients, for that matter), be extremely attentive to malpractice rules.

From the NJCPA Focus blog:

7 Due Diligence Tips for Cannabis Operators

by Greg Chin, Jeffrey Michelson and Kevin Michaelan, CohnReznick | Jun 01, 2018
Accounting professionals in the U.S. have only begun to recently focus on the cannabis trade as more states legalize the use of marijuana for both medical and adult-use or recreational purposes. Here are seven due diligence tips for cannabis operators as they consider a potential sale of their business.

Marijuana in the Garden State

by Raymond Owens, CPA, tax supervisor, WithumSmith+Brown | Mar 02, 2018
With his Jan. 16 inauguration, New Jersey Governor Phil Murphy brings a bold new agenda headlined by a desire to legalize marijuana for recreational use. Legislation has already been introduced in New Jersey. Find out what it means for CPAs.